How Big is The Synthetic Diamond Industry?
IMARC Group, a leading market research company, has recently releases report titled “Synthetic Diamond Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″ The study provides a detailed analysis of the industry, including the global synthetic diamond market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global synthetic diamond market size reached US$ 14.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.4 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.
What are Synthetic Diamond?
Synthetic diamonds are man-made or laboratory-grown diamonds commonly manufactured by exposing graphite to high-pressure, high-temperature (HPHT), and chemical vapor deposition (CVD) methods. They are widely used as hard coatings for industrial equipment, such as machine tools, wire-drawing dies, quarrying saws, grinding wheels, and mining drills. They are produced in a highly controlled environment, have fewer defects, and show minimal signs of crystallographic strain as compared to natural diamonds. Since they possess hardness, electron mobility, and thermal conductivity, synthetic diamonds find extensive applications in the construction, electronics, mining, and oil and gas industries across the globe.
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What are the growth prospects and trends in Synthetic Diamond industry:
The global synthetic diamond market is primarily driven by rapid expansion in the electronics industry. Moreover, synthetic diamonds are ethically mined and environmentally friendly, which in turn is positively influencing the market growth. Additionally, there has been a surge in the use of synthetic diamonds in high-frequency field-effect transistors, high-power switches at power plants, and light-emitting diodes (LEDs). In line with this, the rising product adoption in telecommunications, due to its high refractive index with reduced information loss during high-level-security signal transmission, has catalyzed the market growth. Furthermore, the increasing use of synthetic diamonds in numerous industrial applications, such as manufacturing machines and computer chips, mining, stone cutting, medical procedures, and space science, is contributing to the market growth. Other factors, including rising product usage in ultraviolet (UV) light or high-energy particle detectors, increasing product adoption as an alternative to natural diamonds due to their eco-friendliness, and inflating consumer disposable incomes, are also anticipated to create a positive market outlook.
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Synthetic Diamond Market Report Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
• Applied Diamond Inc.
• D.NEA, Element Six (UK) Ltd.
• Finegrown Diamonds
• Henan Huanghe Whirlwind Co. Ltd
• Henan Liliang Diamond Co. Ltd.
• Heyaru Engineering Pvt. Ltd.
• Hyperion Materials & Technologies Inc.
• Iljin Diamond Co. Ltd.
• Industrial Abrasives Ltd
• New Diamond Technology
• Soham Industrial Diamonds
• Swarovski AG and Zhengzhou Sino-Crystal Diamond Co. Ltd.
The report has been segmented the market into following categories:
Breakup by Type:
• Polished
• Rough
Breakup by Manufacturing Process:
• High Pressure High Temperature
• Chemical Vapor Deposition
Breakup by Application:
• Gem
• Heat Sinks and Exchangers
• High-End Electronics
• Laser and X-Ray
• Machining and Cutting Tools
• Surgical Machinery
• Water Treatment
• Medical
• Optical
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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